Esbenshade John 4
4 · National Storage Affiliates Trust · Filed May 21, 2026
Research Summary
AI-generated summary of this filing
National Storage Affiliates (NSA) CAO John Esbenshade Converts 3,682 LTIP Units
What Happened
John Esbenshade, Chief Accounting Officer of National Storage Affiliates Trust (NSA), converted 3,682 long‑term incentive plan (LTIP) units into 3,682 Class A OP Units of NSA OP, LP on May 21, 2026. The conversion was a one‑for‑one unit exchange (no cash price reported), so the Form 4 shows both an acquisition and a disposition of derivative securities (code C) with price N/A.
Key Details
- Transaction date: 2026-05-21; Transaction type: conversion of derivative security (LTIP → Class A OP Units).
- Quantity converted: 3,682 LTIP Units → 3,682 Class A OP Units. Reported price: N/A (no cash consideration reported).
- Shares/units after transaction: 25,901 Class A OP Units beneficially owned (direct + indirect) following this conversion.
- LTIP holdings after transaction: 0 vested LTIP Units and 6,705 unvested LTIP Units remain.
- Relevant footnotes: conversion per Partnership Agreement; LTIP Units convert one‑for‑one into Class A OP Units (F1–F3, F7). Filing made voluntarily to report the conversion; reporter disclaims beneficial ownership except to extent of pecuniary interest (F6).
- Filing timeliness: transaction and report have the same date (2026-05-21); no late‑filing indication in the filing.
Context
This was a conversion of awarded/vested LTIP units into partnership units, not an open‑market buy or sell. Under the Partnership Agreement, Class A OP Units may be redeemable for cash equal to the market value of an equivalent number of shares or, at the issuer’s option, exchanged one‑for‑one for shares — so these OP Units represent partnership units rather than direct common stock. Conversions like this are administrative/equity‑plan events and do not by themselves indicate an intent to buy or sell stock in the public market.
Insider Transaction Report
- Conversion
LTIP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21−3,682→ 6,705 total→ Class A OP Units (3,682 underlying) - Conversion
Class A OP Units
[F1][F2][F3][F4][F5][F6][F7]2026-05-21+3,682→ 25,901 total→ Common shares of beneficial interest, $0.01 par value (3,682 underlying)
Footnotes (7)
- [F1]Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
- [F2]Pursuant to the Partnership Agreement, upon the achievement of certain conditions, a holder of long-term incentive plan units ("LTIP Units") of the Partnership is entitled to convert such LTIP Units into Class A OP Units of the Partnership on a one-for-one basis.
- [F3]Consists of 3,682 LTIP Units held by the Reporting Person which were converted into 3,682 Class A OP Units.
- [F4]N/A
- [F5]The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 25,901 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein).
- [F6]This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- [F7]Following the reported transactions, the Reporting Person has total direct beneficial ownership in 0 vested LTIP Units and 6,705 unvested LTIP Units. The Reporting Person previously reported the 3,682 LTIP Units that were converted into Class A OP Units as described in this Form 4 as Class A OP Units on an as-converted basis. Accordingly, this Form 4 is being filed on a voluntary basis solely to provide notice of the conversion of the Reporting Person's 3,682 LTIP Units into 3,682 Class A OP Units.